MIRA INFORM REPORT

Report No. :	352418.2
Report Date :	02.12.2015

IDENTIFICATION DETAILS

Name :	ROECHLING ENGINEERING PLASTICS (INDIA) PRIVATE LIMITED (w.e.f. 20.02.2001)
Formerly Known as :	ROCHLING ENGINEERING PLASTICS (INDIA) PRIVATE LIMITED
Registered Office :	Plot No. 8A, Savli GIDC, Alindra, Taluka Savli, Baroda – 391775, Gujarat
Tel. No.:	91-2667-267867
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	05.01.2001
Com. Reg. No.:	04-079811
Capital Investment / Paid-up Capital :	Rs.48.333 Million
IEC No.:	Not Divulged
CIN No.: [Company Identification No.]	U25200GJ2001PTC079811
TAN No.: [Tax Deduction & Collection Account No.]	BRDR03095B
PAN No.: [Permanent Account No.]	AABCR7780E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Trader of Electrical Insulation Material, Laminated Wood and Plastic Sheets and also has Machining Activities and acts as Commission Agent. (Registered Activity)
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of ‘Roechling Engineering Plastics SE & Co. KG’. It is engaged in manufacturing and trading of engineering Thermoplastics and glass reinforced composite materials. Its products include wheel arch liners, design covers, partition walls, degas bottles, cooling-water pipes, washer bottles, door and side panels, interior trims, trunk trims, trays, sumps, and various structural parts. For the financial year ended 2015, company has reported 33.90% growth in its revenue profile but failed to maintained profit margins and report low margins at 0.72% during the year under a review. Rating takes into consideration company’s established track record of business operations marked by its sound financial base along with adequate net worth position and zero debt balance sheet profile. Rating also takes into account of strong financial and managerial support that company receives from its holding entity backed by its well experienced management team. Trade relations are reported as fair. Payments are reported to be regular and as per commitment. The company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Not Available

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2015.

INFORMATION DENIED BY

Name :	Mr. Yogesh Sawatkar
Designation :	Finance Head
Contact No.:	91-2667-267814
Date :	30.11.2015

LOCATIONS

Registered Office/ Factory :	Plot No. 8A, Savli, GIDC, Alindra, Taluka Savli, Baroda – 391775, Gujarat, India
Tel. No. :	91-2667-267867
Fax No. :	91-2667-267818/ 267800
E-Mail :	manojkumar@roechling-india.com yogesh@roechling-india.com
Website :	www.roechling-india.com
Area :	2500 Sq. Ft.
Location :	Owned
Branch Office :	Industrial Estate, Salivali Waliv, Gala No. 1, 2, 3 & 5, Colaco, Vasai (East), Thane – 401208, Maharashtra, India

DIRECTORS

AS ON 25.09.2014

Name :	Manojkumar Bhaskaran Nair
Designation :	Managing Director
Address :	Flat No. 303, Vidyut CHS, Plot 234, Sector 5, Part 3, Charkop, Kandivali (West), Mumbai - 400067, Maharashtra, India
Date of Birth/Age :	25.05.1971
Qualification :	B. Tech-Electrical and Electronics, MBA-Finance
Experience :	19 Years
Date of Appointment :	01.04.2013
DIN No. :	00967452
Name :	Manish Shushilkumar More
Designation :	Whole-time Director
Address :	93, Mistry Park, 77, Bhulabhai Desai Road, Mumbai - 400026, Maharashtra, India
Date of Birth/Age :	01.10.1972
Date of Appointment :	01.04.2013
DIN No. :	00967555
Name :	Uwe Bernd Kassens
Designation :	Director
Address :	Von-Lintel, STR 1, Haren EMS, 49733, Germany
Date of Birth/Age :	25.08.1963
Date of Appointment :	18.09.2009
DIN No. :	02791954
Name :	Joachim Dr. Brunswicker
Designation :	Director
Address :	Eichenweg 12, Bokeloh, Meppen, Germany
Date of Birth/Age :	11.03.1955
Date of Appointment :	01.08.2003
DIN No. :	06718152

KEY EXECUTIVES

Name :	Mr. Yogesh Sawatkar
Designation :	Finance Head
Name :	Mr. Rajesh Pharmar
Designation :	Accounts Executive
Name :	CS Kishor V. Ved
Designation :	Practicing Company Secretary

MAJOR SHAREHOLDERS

AS ON 25.09.2014

Names of Shareholders	No. of Shares	% of Holding
Roechling Engineering Plastics KG, Germany (Formerly Known as Rochling Haren KG)	4823338	99.79
Joachim Brunswicker (Nominee of Roechling Engineering Plastics KG)	10000	0.21
Total	4833338	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 25.09.2014

Category	Percentage
Foreign holdings [Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others]	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Trader of Electrical Insulation Material, Laminated Wood and Plastic Sheets and also has Machining Activities and acts as Commission Agent. (Registered Activity)
Products :	· Electrical Insulation Material · Laminated Wood · Plastic Sheets
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Company Name :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark :	Not Divulged

Customers :

Company Name :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark :	Not Divulged

No. of Employees :

Information declined by the management

Bankers :

Banker Name :	HSBC Bank
Branch :	Mumbai, Maharashtra, India
Person Name :	Not Divulged
Contact Number :	Not Divulged
Name of Account Holder :	Not Divulged
Account Number :	Not Divulged
Account Since :	Not Divulged
Average Balance Maintained :	Not Divulged
Credit Facilities Enjoyed :	Not Divulged
Account Operation :	Not Divulged
Remark :	Not Divulged

Auditors :
Name :	B S R and Associates LLP Chartered Accountants
Address :	Lodha Excelus, 1st Floor, Apollo Mills Compound, N M Joshi Marg, Mahalaxmi, Mumbai – 400011, Maharashtra, India
Tel. No. :	91-22-39896000
Fax No. :	91-22-30902511
PAN No.:	AADFB6889R
Memberships :	Not Divulged
Collaborators :	Not Divulged
Holding Company :	Roechling Engineering Plastics SE and Co. KG
Fellow Subsidiaries :	Roechling Permali Composites, France Roechling Sustaplast KG, Germany Roechling Engineering Plastics (UK) Limited, United Kingdom Roechling Glastics Composites, United States of America Roechling Engineering Plastics Pte. Limited, Singapore Roechling Engineering Plastics (Suzhou) Co. Limited Engineering Plastics De Engenharia Do Brazil Limited Roechling Hydroma GmbH, Germany Roechling Automotive AG and Co., Germany

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital:

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
4833338	Equity Shares	Rs.10/- each	Rs.48.333 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	48.333	28.699	21.696
(b) Reserves & Surplus	639.178	442.963	283.047
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	212.050	214.831
Total Shareholders’ Funds (1) + (2)	687.511	683.712	519.574
(3) Non-Current Liabilities
4(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.717	0.634	0.319
Total Non-current Liabilities (3)	0.717	0.634	0.319
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	106.601	77.458	174.009
(c) Other current liabilities	13.655	26.239	9.453
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	120.256	103.697	183.462
TOTAL	808.484	788.043	703.355
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	328.746	341.993	121.793
(ii) Intangible Assets	2.235	2.487	1.043
(iii) Capital work-in-progress	6.687	3.725	26.397
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	2.792
(d) Long-term Loan and Advances	32.734	12.055	26.608
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	370.402	360.260	178.633
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	168.798	169.026	139.789
(c) Trade receivables	179.577	163.116	159.333
(d) Cash and cash equivalents	55.515	47.822	198.501
(e) Short-term loans and advances	33.903	47.214	26.187
(f) Other current assets	0.289	0.605	0.912
Total Current Assets	438.082	427.783	524.722
TOTAL	808.484	788.043	703.355

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Income	509.634	370.697	345.052
		Other Operating Income	9.301	12.733	11.241
		Other Income	5.103	7.909	5.377
		TOTAL	524.038	391.339	361.670
Less	EXPENSES
		Cost of Materials Consumed	202.630	138.322	106.747
		Purchases of Stock in Trade	182.144	153.501	160.943
		Changes in Inventories of Finished Goods, Work-in-Progress and Traded Goods	(6.601)	(5.189)	2.429
		Employee Benefits	36.348	35.859	26.530
		Other Expenses	81.434	96.536	34.864
		TOTAL	495.955	419.029	331.513
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		28.083	(27.690)	30.157
Less	DEPRECIATION/ AMORTISATION		23.138	17.430	10.411
	PROFIT/ (LOSS) BEFORE TAX		4.945	(45.120)	19.746
Less	TAX		1.146	2.792	6.769
	PROFIT/ (LOSS) AFTER TAX		3.799	(47.912)	12.977
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of exports	46.588	0.000	0.000
		Commission on Sales	2.490	7.013	7.145
		Development and Design Charges	1.913	3.195	2.088
	TOTAL EARNINGS		50.991	10.208	9.233
	IMPORTS
		Purchase of Raw Material	316.093	272.057	220.046
		Capital Goods	7.464	69.083	0.000
	TOTAL IMPORTS		323.557	341.140	220.046
	Earnings / (Loss) Per Share (Rs.)		0.81	(17.53)	5.98

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flow from (used in) operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin PAT / Sales	(%)	0.75	(12.92)	3.76
Return on Total Assets (PBT/Total Assets)	(%)	0.62	(5.75)	2.93
Return on Investment (ROI) (PBT/Networth)		0.01	(0.07)	0.04
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		3.64	4.13	2.86

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	Rs. In Million	Rs. In Million	Rs. In Million
Share Capital	21.696	28.699	48.333
Reserves & Surplus	283.047	442.963	639.178
Share Application money pending allotment	214.831	212.050	0.000
Net worth	519.574	683.712	687.511
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	345.052	370.697	509.634
		7.432	37.480

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	345.052	370.697	509.634
Profit	12.977	(47.912)	3.799
	3.76%	(12.92%)	0.75%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	Yes
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	No
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

NO CHARGES EXIST FOR COMPANY

NOTE:

The registered office of the company has been shifted from Office No. 201, A Wing, Leo Building, 24th Road, Khar (West), Mumbai – 400052, Maharashtra, India to the present address w.e.f. 02.05.2014.

FIXED ASSETS:

Tangible Assets

· Building

· Leasehold Land

· Office Equipment

· Furniture and Fixture

· Plant and Machinery

· Computers

· Leasehold Improvement

· Factory Equipment

· Electrical Fittings and Installation

Intangible Assets

· Computer Software

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.52
UK Pound	1	Rs.100.44
Euro	1	Rs.70.44

INFORMATION DETAILS

Information Gathered by :	SPR
Analysis Done by :	KAR
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		52

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
NB		NEW BUSINESS

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.